Search results for: equity investment

Authors: Jonas Hinker, Lisa Zumholz, Johanna M. A. Myrzik

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Despite strong efforts by the German government to make a transition to higher quality level of building stocks, the rate of renovation continues to remain below the proclaimed level of 2%. As the mandatory standards for residential retrofits are well-balanced in such a way that strict adherence to them guarantees profit from the investment, it becomes difficult to explain the reasons why there are so many people hesitant with their investments. Risks and transaction costs can be understood as socio-technical boundaries and have to be taken into consideration to be able to understand why a worthwhile investment is postponed or rejected. This paper therefore presents a method for investment analyses that is focused on such socio-technical constraints, which helps to reveal the strongest misconceptions of home owners. By depicting sensitivities and risk factors in an integrated and impartial way, such a tool can be utilized by home owners to address reservations and misunderstandings. In the end, this leads to an exploitation of smaller energy efficiency measures that makes up a big demand reduction in the residential sector altogether.

Keywords: energy refurbishment, investment analysis, residential buildings, risk-aware investment strategy

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Authors: Majid Lotfi Ghahroud, Seyed Jalal Tabatabaei, Ebrahim Karami, AmirArsalan Ghergherechi, Amir Ali Saeidi

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In this study, the relationship between investment growth and stock returns of companies listed in Tehran Stock Exchange and whether their relationship -behavioral or risk factors- are discussed. Generally, there are two perspectives; risk-based approach and behavioral approach. According to the risk-based approach due to increase investment, systemic risk and consequently the stock returns are reduced. But due to the second approach, an excessive optimism or pessimism leads to assuming stock price with high investment growth in the past, higher than its intrinsic value and the price of stocks with lower investment growth, less than its intrinsic value. The investigation period is eight years from 2007 to 2014. The sample consisted of all companies listed on the Tehran Stock Exchange. The method is a portfolio test, and the analysis is based on the t-student test (t-test). The results indicate that there is a negative relationship between investment growth and stock returns of companies and this negative correlation is stronger for firms with higher cash flow. Also, the negative relationship between asset growth and stock returns is due to behavioral factors.

Keywords: behavioral theory, investment growth, risk-based theory, stock returns

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Authors: Hamed Saremi

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One of the challenges in manufacturing and service companies to provide a product or service is recognized Brand to consumers in target markets. They provide most of their processes under the same capacity. But the constant threat of devastating internal and external resources to prevent a rise Brands and more companies are recognizing the stages are bankrupt. This paper has tried to identify and analyze effective indicators of brand equity and focuses on indicators and presents a model of intelligent create a model to prevent possible damage. In this study identified indicators of brand equity based on literature study and according to expert opinions, set of indicators By techniques DEMATEL Then to used Multi-Step Adaptive Neural-Fuzzy Inference system (ANFIS) to design a multi-stage intelligent system for assessment of brand equity.

Keywords: anfis, dematel, brand, cosmetic product, brand value

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Authors: Moridi Fatemeh, Dasineh Mehdi, Jafari Narges

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The aim of this study was to investigate the relationship between dividends and investment in a condition of cash flow uncertainty. Previous studies have also found some evidence that there is N-shaped relationship between dividends and investment given different levels of cash uncertainly. Thus, this study examines this relationship over the period 2009-2014 in Tehran Stock Exchange (TSE). Based on our sample and new variables, we found reverse N-shaped relationship in different levels of cash flow uncertainly. This shape was descending in cash flow certainly and uncertainly but it is ascending in medial position.

Keywords: dividends, investment, nonlinear relationship, uncertainty of cash flow

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Authors: Rihab Belguith, Fathi Abid

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The paper develops a system-based approach to investigate the dynamic adjustment of debt structure and investment policies of the Dow-Jones index. This approach enables the assessment of relations among sales, debt, and investment opportunities by considering the simultaneous effect of the market environmental change and future growth opportunities. We integrate the firm-specific sales variance to capture the industries' conditions in the model. Empirical results were obtained through a panel data set of firms with different sectors. The analysis support that environmental change does not affect equally the different industry since operating leverage differs among industries and so the sensitivity to sales variance. Including adjusted-specific variance, we find that there is no monotonic relation between leverage, sales, and investment. The firm may choose a low debt level in response to high sales variance but high leverage to attenuate the negative relation between sales variance and the current level of investment. We further find that while the overall effect of debt maturity on leverage is unaffected by the level of growth opportunities, the shorter the maturity of debt is, the smaller the direct effect of sales variance on investment.

Keywords: dynamic panel, investment, leverage decision, sales uncertainty

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Authors: Mas Pertiwi I. G. AG Istri, Sri Kristinayanti Wayan, Oka Aryawan I. Gede Made

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Ability of government to meet the needs of infrastructure investment constrained by the size of the budget commitments for other sectors. Another barrier is the complexity of the process of land acquisition. Public Private Partnership can help bridge the investment gap by including the amount of funding from the private sector, shifted the responsibility of financing, construction of the asset, and the operation and post-project design and care to them. In principle, a construction project implementation always requires the investor as a party to provide resources in the form of funding which it must be contained in a successor agreement in the form of a contract. In general, construction contracts consist of contracts which passed in Indonesia and contract International. One source of funding used in the implementation of construction projects comes from funding that comes from the collaboration between the government and the private sector, for example with the system: BLT (Build Lease Transfer), BOT (Build Operate Transfer), BTO (Build Transfer Operate) and BOO (Build Operate Own). And form of payment under a construction contract can be distinguished several ways: monthly payment, payments based on progress and payment after completed projects (Turn Key). One of the tools used to analyze the feasibility of the investment is to use financial models. The financial model describes the relationship between different variables and assumptions used. From a financial model will be known how the cash flow structure of the project, which includes revenues, expenses, liabilities to creditors and the payment of taxes to the government. Net cash flow generated from the project will be used as a basis for analyzing the feasibility of investment source of project financing Public Private Partnership could come from equity or debt. The proportion of funding according to its source is a comparison of a number of investment funds originating from each source of financing for a total investment cost during the construction period by selected the contract system and several alternative financing percentage ratio determined according to sources will generate cash flow structure that is different. Of the various possibilities for the structure of the cash flow generated will be analyzed by software is to test T Paired to compared the contract system used by various alternatives comparison of financing to determine the effect of the contract system and the comparison of such financing for the feasibility of investment toll road construction project for the economic life of 20 (twenty) years. In this use case studies of toll road contruction project Bali Mandara. And in this analysis only covered two systems contracts, namely Build Operate Transfer and Turn Key. Based on the results obtained by analysis of the variable investment feasibility of the NPV, BCR and IRR between the contract system Build Operate Transfer and contract system Turn Key on the interest rate of 9%, 12% and 15%.

Keywords: contract system, financing, internal rate of return, net present value

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Authors: Julio Vicente Cateia

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This study aims to analyze the economic impacts of infrastructure investment in Africa, focusing on the Guinea-Bissau economy. Through a dynamic CGE model, we find that the natural resource revenues (or aid)-funded infrastructure investments generate externalities that increase factor returns. The private investment improvements propagate externalities effects on GDP and job opportunities outcomes. Household income and consumption were positively impacted, though the poorer benefited the most. The income inequality has reduced. However, funding by the mix of debt and direct taxes produces opposite effects. We suggest a potential pro-poor growth agenda in Africa.

Keywords: infrastructure investment, poverty alleviation, CGE modeling, African economies, applied economics

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Authors: Marwa Zein

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The long-term of the contract is one of the major features that distinguish international trade and investment contracts from other internal contracts. This is due to the nature of the contract and the huge works required to be performed from one hand or the desire of the parties to achieve stability in their transactions. However, long-term contracts might expose them to certain events and circumstances that impact the capability of the parties to execute their obligations pursuant to these contracts. During the year 2016, the Egyptian government has taken series of economic decisions which greatly impacted the economic and investment environment. Consequently, many contracts have encountered many problems in their execution due to such changes that greatly influence the performance of their obligation, a matter that necessitated the renegotiation of the conditions of these contracts on the basis of the unpredicted changes that could be listed under the Force Majeure Clause. The principle of fair and equitable treatment in investment placed on an obligation on the Egyptian government to consider the renegotiation of contract clauses based on the new conditions. This paper will discuss the idea of renegotiating international trade and investment contracts in Egypt with reference to the changes the economic environment has witnessed lately.

Keywords: change of circumstances, international contracts, investment contracts, renegotiation

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Authors: Rajat Kapoor

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Indian Real Estate sector is the second largest employer after agriculture and is slated to grow at 30 percent over the next decade. Indian cities have shown tumultuous growth since last two decades. With the growing need of infrastructure, it has become inevitable for real estate sector to adopt more organized and transparent system of investment. SPVs such as REITs ensure transparency facilitating accessibility to invest in real estate for those who find it difficult to purchase real estate as an investment option with a realistic income expectation from their investment. RIETs or real estate investment trusts is an instrument of pooling funds similar to that of mutual funds. In a simpler term REIT is an Investment Vehicle in the form a trust which holds & manages large commercial rent¬ earning properties on behalf of investors and distributes most of its profit as dividends. REIT enables individual investors to invest their money in commercial real estate assets in a diversified portfolio and on the other hand provides fiscal liquidity to developers as easy exit option and channel funds for new projects. However, the success REIT is very much dependent on the taxation structure making such models attractive and adaptive enough for both developers and investors to opt for such investment option. This paper is intended to capture an overview of REITs with context to Indian real estate scenario.

Keywords: Indian real estate, real estate infrastructure trusts, urban finance, infrastructure investment trusts

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Authors: Pui Yong Leo, Normy Maziah Mohd Said

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Change of global economy landscape and business environment has led to companies’ decision to go global and enter international markets. As the companies go beyond the comfort zone (i.e. investing in the home country), it is important to ensure a comprehensive risk assessment is carried out. This paper describes a standardized approach for international investment, ensuring identification of risk, risk appetite, risk rating, risk treatment and mitigation plans for respective international investment proposal. The standardized approach is divided into three (3) stages as follows: Stage 1 – Preliminary Risk profiling; with the objective to gauge exposure to countries and high level risk factors as first level assessment. Stage 2 – Risk Parameters; with the objective to define risk appetite for the international investment from the perspective of likelihood and impact. Stage 3 – Detailed Risk Assessments; with the objectives to assess in detail any triggered elements from Stage 1, and project specific risks. The final output will include the mitigation plans for the identified risks for the total investment. Example will be given in this paper to show how comprehensive risk assessment is carried out for an international investment in power energy sector.

Keywords: international investment, mitigation plans, risk appetite, risk assessment

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Authors: Md Rabiul Islam, Ben Wadham

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This paper describes how indigenous students face challenges with various school activities due to inadequate equity and diversity principles in mainstream primary schools in Bangladesh. This study focuses on indigenous students’ interactions with mainstream class teachers and students through teaching-learning activities at public primary schools. Ethnographic research methods guided data collection under a case study methodology in Chittagong Hill Tracts (CHTs) region where maximum indigenous peoples’ inhabitants. The participants (class teachers) shared information through in-depth interviews about their experiences in the four selecting schools. The authors also observed the effects of school activities by use of equity and diversity lens for indigenous students’ situations in those schools. The authors argue that the socio-economic situations of indigenous families are not supportive of the educational development of their children. Similarly, the Bangladesh government does not have enough initiative programs based on equity and diversity principles for fundamental education of indigenous children at rural schools level. Besides this, the conventional teaching system cannot improve the diversification among the students in classrooms. The principles of equity and diversity are not well embedded in professional development of teachers, and using teaching materials in classrooms. The findings suggest that implementing equitable education; there are needed to arrange teachers’ education with equitable knowledge and introducing diversified teaching materials, and implementing teaching through students centered activities that promote the diversification among the multicultural students.

Keywords: case study research, chittagong hill tracts, equity and diversity, Indigenous children

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Authors: Vakhtang Charaia

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The article focuses on the role of FDI in Georgia’s economic development for the last decade. To attract as much FDI as possible a proper investment climate should be on the place-institutional, policy and regulatory environment. Well-developed investment climate is the chance and motivation for both, local economy and foreign companies, to generate maximum income, create new work places and improve the quality of life. FDI trend is one of the best indicators of country’s economic sustainability and its attractiveness. Especially for small and developing countries, the amount of FDI matters, therefore, most of such countries are trying to compete with each other through improving their investment climate according to different world famous indexes. As a result of impressive reforms since 2003, Georgian economy was benefited with large invasion of FDI. However, the level of per capita GDP is still law in comparison to Eastern European countries and it should be improved. The main idea of the paper is to show a real linkage between FDI and employment ration, on the case of Georgian economy.

Keywords: foreign direct investment, employment, economic growth, taxes, corruption, sustainable development

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Authors: George-Anokwuru Chioma Chidinma Bernadette

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This paper investigated the effect of trade liberalization on domestic private investment in Nigeria from 1981 to 2020. To achieve this objective, secondary data on domestic private investment, trade openness, exchange rate and interest rate were sourced from the statistical bulletin of Nigeria’s apex bank. The Autoregressive Distributed Lag (ARDL) technique was used as the main analytical tool. The ARDL Bounds test revealed the existence of long run association among the variables. The results revealed that trade openness and exchange rate have positive and insignificant relationship with domestic private investment both in the long and short runs. At the same time, interest rate has negative relationship with domestic private investment both in the long and short runs. Therefore, it was concluded that there is no significant relationship between trade openness, exchange rate, interest rate and domestic private investment in Nigeria during the period of study. Based on the findings, the study recommended that government should formulate trade policies that will encourage the growth of domestic private investment in Nigeria. To achieve this, government should ensure consistency in trade policies and at the same time strengthen the existing policies to build investors’ confidence. Also, government should make available an investment-friendly environment, as well as monitor real sector operators to ensure that foreign exchange allocations are not diverted. Government should increase capital investment in education, housing, transportation, agriculture, health, power, road construction, national defense, among others that will help the various sectors of the economy to function very well thereby making the business environment friendly thereby enhancing the growth and development of the country.

Keywords: trade openness, domestic private investment, ARDL, exchange rate

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Authors: Abdelmounaim Lahrech, Hajar Bousfiha

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This paper examines equity market integration between Morocco and France and its consequent implications on international portfolio diversification. In the absence of stock market linkages, Morocco can act as a diversification destination to European investors, allowing higher returns at a comparable level of risk in developed markets. In contrast, this attractiveness is limited if both financial markets show significant linkage. The research empirically measures financial market’s integration in by capturing the conditional correlation between the two markets using the Generalized Autoregressive Conditionally Heteroscedastic (GARCH) model. Then, the research uses the Dynamic Conditional Correlation (DCC) model of Engle (2002) to track the correlations. The research findings show that there is no important increase over the years in the correlation between the Moroccan and the French equity markets, even though France is considered Morocco’s first trading partner. Failing to prove evidence of the stock index linkage between the two countries, the volatility series of each market were assumed to change over time separately. Yet, the study reveals that despite the important historical and economic linkages between Morocco and France, there is no evidence that equity markets follow. The small correlations and their stationarity over time show that over the 10 years studied, correlations were fluctuating around a stable mean with no significant change at their level. Different explanations can be attributed to the absence of market linkage between the two equity markets.

Keywords: equity market linkage, DCC GARCH, international portfolio diversification, Morocco, France

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Authors: Jonardan Koner

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The study attempts to find out the impact of infrastructural investment on state economic growth in India. It further tries to determine the magnitude of the impact of infrastructural investment on economic indicator, i.e., per-capita income (PCI) in Indian States. The study uses panel regression technique to measure the impact of infrastructural investment on per-capita income (PCI) in Indian States. Panel regression technique helps incorporate both the cross-section and time-series aspects of the dataset. In order to analyze the difference in impact of the explanatory variables on the explained variables across states, the study uses Fixed Effect Panel Regression Model. The conclusions of the study are that infrastructural investment has a desirable impact on economic development and that the impact is different for different states in India. We analyze time series data (annual frequency) ranging from 1991 to 2010. The study reveals that the infrastructural investment significantly explains the variation of economic indicators.

Keywords: infrastructural investment, multiple regression, panel regression techniques, economic development, fixed effect dummy variable model

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Authors: Hongmin Chun

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This paper examines corporate cash holdings and their effect on the cost of equity capital. In addition, this study examines the potentially different effects when the firm belongs to chaebol and non-chaebol groups. Chaebol is a South Korean form of business conglomerate. Chaebol is typically global multinationals and owns numerous international enterprises, controlled by a chairman with power over all the operations. The overall empirical result suggests that higher cash holdings are a risk increasing factor which holds for the chaebol group of firms. This result is valid in a battery of robustness tests and 2SLS regressions. In Korea, higher cash holdings represent a risk premium factor that is closely related to the overinvestment and agency problems between managers and shareholders.

Keywords: cash holdings, implied cost of equity capital, chaebol, agency problem

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Authors: Xiaojun Wang

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In a lucky emerging market, most Sino commercial banks has developed rapidly and achieved dazzling performance in recent years. As a large sound commercial bank with long history, Wells Fargo Company(WFC) is taken as a mirror in this paper in order to roughly find out the relevance on life circle of the Sino banks in comparison with WFC. Two financial measures return on equity(ROE) and overall labor productivity(OLP), three commercial banks the Hong Kong and Shanghai Banking Corporation Limited(HSBC), the Bank of Communication(BCM) and China Minsheng Bank(CMSB) are selected. The comparison data coming from historical annual reports of each company vary from 13 years to 51 years. Several conclusions from the results indicate that most Sino commercial banks would be continually developing with lower financial measures performance for later several decades.

Keywords: commercial bank, features comparison, labor productivity, return on equity

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Authors: Eleonora Sofilda, Ria Amalia, Muhammad Zilal Hamzah

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Foreign direct investment is one of the sources of financing or capital that important for a country, especially for developing countries. This investment also provides a great contribution to development through the transfer of assets, management improving, and transfer of technology in enhancing the economy of a country. In the other side currently in ASEAN countries emerge the interesting phenomenon where some big producers are re-locate their basic production among those countries. This research is aimed to analyze the factors that affect capital inflows of foreign direct investment into the 6 ASEAN countries (Indonesia, Malaysia, Singapore, Thailand, Philippines, and Vietnam) in period 2004-2012. This study uses panel data analysis to determine the factors that affect of foreign direct investment in 6 ASEAN. The factors that affect of foreign direct investment (FDI) are the gross domestic product (GDP), global competitiveness (GCI), interest rate, exchange rate and trade openness (TO). Result of panel data analysis show that three independent variables (GCI, GDP, and TO) have a significant effect to the FDI in 6 ASEAN Countries.

Keywords: foreign direct investment, the gross domestic product, global competitiveness, interest rate, exchange rate, trade openness, panel data analysis

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Authors: Muhammad Ilham Agus Salim, Muhammad Ikbal

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The ASEAN Economic Community (AEC) was set up in 2003 with the objectives of creating a single market and production base, enhancing equitable economic development as well as facilitating the integration into the global economy. The AEC involves liberalization and facilitation of trade in goods, skilled labour, services, and investment, as well as protection and promotion of investment. The thesis outlines the AEC Blueprint actions in scope of globalization of investment and capital market. Free flows of investment and freer flows of capital market urge countries in South East Asia to coordinate and to collaborate in securing the interest of public, and this leads to the importance of financial services authorities in ASEAN to prepare the mechanism of guarding the flows of investment. There is no exception, especially for Indonesian Financial Services Authority (OJK) as one of the authorized body in capital market supervision, to enforce its authorities as supervisory body.

Keywords: AEC blueprint, OJK, capital market, integration

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Authors: Afrizon Reskino

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The Article explores how the role of Zakat and Corporate Social Responsibility (CSR) can enhance corporate values. This research is a descriptive study which aimed to find out how the impact of Zakat and CSR disclosure towards corporate values. Sample taken in this research is the company has entered into the Jakarta Islamic Index, and it estimated to have implemented CSR and also made statements of sources and uses of Zakat taking PT. INCO, PT. Inducement and PT. Semen Gresik. The reasons for selecting of three companies are known from the data and facts every year they always provide significant CSR funds. CSR and charity both have a role and responsibility for the welfare of the peoples. This study found that in 2008, debt-to-equity ratio of PT. INCO approximately 15%. In 2009, It increased to 23%. While Debt-to-equity ratio of PT Semen Gresik increase of 3% to 4%. PT Inducement is weaken from 10% to 7%, but the average debt-to-equity ratio of the three companies has increased.

Keywords: zakat, charity, corporate social responsibility, corporate values

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Authors: Olga Biedova, Victoria Steblovskaya, Kai Wallbaum

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In the current capital market environment, investors constantly face the challenge of finding a successful and stable investment mechanism. Highly volatile equity markets and extremely low bond returns bring about the demand for sophisticated yet reliable risk management strategies. Investors are looking for risk management solutions to efficiently protect their investments. This study compares a classic Constant Proportion Portfolio Insurance (CPPI) strategy to a Volatility Target portfolio insurance (VTPI). VTPI is an extension of the well-known Option Based Portfolio Insurance (OBPI) to the case where an embedded option is linked not to a pure risky asset such as e.g., S&P 500, but to a Volatility Target (VolTarget) portfolio. VolTarget strategy is a recently emerged rule-based dynamic asset allocation mechanism where the portfolio’s volatility is kept under control. As a result, a typical VTPI strategy allows higher participation rates in the market due to reduced embedded option prices. In addition, controlled volatility levels eliminate the volatility spread in option pricing, one of the frequently cited reasons for OBPI strategy fall behind CPPI. The strategies are compared within the framework of the stochastic dominance theory based on numerical simulations, rather than on the restrictive assumption of the Black-Scholes type dynamics of the underlying asset. An extended comparative quantitative analysis of performances of the above investment strategies in various market scenarios and within a range of input parameter values is presented.

Keywords: CPPI, portfolio insurance, stochastic dominance, volatility target

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Authors: Araba A. Z. Osei-Tutu, Ebenezer Odame, Joseph Bawa, Samuel Amponsah

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Education is recognized as a fundamental human right and a catalyst for development. Despite progress in the provision of higher education on the African continent, there persist challenges with the tripartite areas of access, equity and quality. Therefore, this systematic review aimed at providing a comprehensive overview of conversations and voices of scholars on these three concepts in HE in Africa. The systematic review employed a thematic analysis approach, synthesizing findings from 38 selected sources. After a critical analysis of the sources included in the systematic review, deficits in access, quality, and equity were outlined, focusing on infrastructure, regional disparities, and privatization challenges. The review also revealed the weak enforcement of quality assurance measures. Strategies for improvement, proffered by the study, include expanding public sector HE, deregulating the educational sector, promoting open and distance learning, implementing preferential admission policies, and enhancing financial aid. This research contributes valuable insights for policymakers, educators, and stakeholders, fostering a collaborative approach to address challenges and promote holistic development in African higher education.

Keywords: access, equity, quality, higher education, Africa, systematic review, strategies

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Authors: Asna Anchalan, Anjana Bhagyanathan

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Urban green space plays an important role in providing health (physical and mental well-being), economic, and environmental benefits for urban residents and neighborhoods. Ensuring equitable distribution of urban green space is vital to ensure equal access to these benefits. This study is developing a methodology for assessing spatial equity of urban green spaces in the Indian context. Through a systematic literature review, the research trends, parameters, data, and tools being used are identified. After 2020, the research in this domain is increasing rapidly, where COVID-19 acted as a catalyst. Indian documents use various terminologies, definitions, and classifications of urban green spaces. The terminology, definition, and classification for this study are done after reviewing several Indian documents, master plans, and research papers. Parameters identified for assessing spatial equity are availability, proximity, accessibility, and socio-economic disparity. Criteria for evaluating each parameter were identified from diverse research papers. There is a research gap identified as a comprehensive approach encompassing all four parameters. The outcome of this study led to the development of a methodology that addresses the gaps, providing a practical tool applicable across diverse Indian cities.

Keywords: urban green space, spatial equity, accessibility, proximity, methodology

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Authors: Anuj Kumar Vaksha

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The research paper examines the trends and approaches of the international investment arbitral tribunals to the issues of environment and the exercise of states' regulatory power for the preservation of environment vis-à-vis the rights of the affected foreign investors. The paper analyses arbitral awards, decisions and orders in the leading cases of international investment arbitrations involving issues of environment and finds that there has been strong trend among the arbitral tribunals to balance the imperatives of the environmental regulation and the interest of the foreign investors. The arbitral tribunals have reflected deference to States' competence for regulation of environment to the extent they were genuine, relevant and in proportion to the legitimate objective sought to be achieved. The arbitral tribunals have at times been innovative and non-conservative in promoting the cause of environment through the mechanism of investor-state arbitration.

Keywords: International Investment Arbitration, environmental regulations, bilateral investment treaties, ICSID, NAFTA, amicus curiae, pollution havens hypothesis, environmental race to the bottom hypothesis

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Authors: Jonardan Koner, Basabi Bhattacharya, Avinash Purandare

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The study is focused to find out the impact of infrastructural investment on economic development in Indian states. The study uses panel data analysis to measure the impact of infrastructural investment on Real Gross Domestic Product in Indian States. Panel data analysis incorporates Unit Root Test, Cointegration Teat, Pooled Ordinary Least Squares, Fixed Effect Approach, Random Effect Approach, Hausman Test. The study analyzes panel data (annual in frequency) ranging from 1991 to 2012 and concludes that infrastructural investment has a desirable impact on economic development in Indian. Finally, the study reveals that the infrastructural investment significantly explains the variation of economic indicator.

Keywords: infrastructural investment, real GDP, unit root test, cointegration teat, pooled ordinary least squares, fixed effect approach, random effect approach, Hausman test

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Authors: Azaz Zaman, Mirazur Rahman

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Capital market is a crucial financial market place where companies and the government can raise long-term funds and, at the same time, investors get the opportunity to invest in the listed companies. Capital markets play a vital role not only in shifting the funds from surplus entity to deficit for investment, but also in the overall economic development of any developing country like Bangladesh. Being the first and biggest capital market of Bangladesh, Dhaka Stock Exchange (DSE) is the prime bourse of the country. The differences in the investment preference— among three broad categories of investors in DSE including individual investors, institutional investors, and government— are easily observed. Authors of this article have used five categories of investors such as sponsors or directors of the company, institutional investors, foreign investors, government, and the general public in order to present a comparative analysis of their investment patterns. Obtaining data on the percentage of investment by these five types of investors in different sectors from the DSE website, this study aims to analyze the sector-wise investment preference of these investors using August 2018 data. The study has found that the sponsors or directors of the company have the highest percentage of investment in the textile industry which is close to 16%. The Bangladesh government, as an investor, has the highest percentage of investment in the fuel & power sector, approximately 32%. It has also found that the mutual funds' sector is mostly financed by institutional investors, nearly 28%. Foreign investors have their most investments in the banking sector, which is close to 22%. It has also revealed that the textile sector is mostly financed by the general public, close to 17%. Nevertheless, general public, surprisingly, has the lowest percentage of investment in the telecommunication sector, which is 0.10%.

Keywords: stock market investment, Dhaka stock exchange, capital market, Bangladesh

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Authors: Naziema Jappie

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There is a wealth of knowledge about JEDI (Justice Equity Diversity Inclusion), but unfortunately this remains at a discrete initiative level at universities. South African universities are committed to social justice by promoting inclusive teaching, learning and research environments, diversity and equity in access and participation of students and staff regardless of age; disability; gender; sexual orientation; nationality, ethnic or national origin; religion; and socioeconomic background in all aspects of higher education at a national level. Universities strive to promote and protect equal rights and equity of access is safeguarded for international students by recognizing the foreign policies and practices. Nevertheless, many international students remain underrepresented, alienated and often without employment. Universities see internationalisation as a commercial venture, but where does JEDI fit into this plan? Given the focus on diversity in higher education institutions, one would assume that JEDI should have a broader compass rather than a narrow scope. Over the past decades, national trends have emerged in the commitment to international diversification by admitting students and recruiting staff, mainly from the African continent. Most importantly, emergence of statements of broader diversity and equity plans across the campuses, included in the strategic plans of institutions are counterproductive to the statements of the Employment Equity plans and targets when aligned to the recruitment processes. These trends are certainly significant and relevant given the increasing diverse populations in higher education. What is missing in JEDI initiatives is the lack of global perspective and situating JEDI within a larger and inclusive context to embrace institutional internationalization. It is not a separate construct but internationalization framework takes the JEDI vision from local to global. Embracing JEDI and internationalization are fundamental for future economic growth. JEDI creates diverse perspectives and builds a team of top diverse and international talent that will gives a competitive edge. Increasing internationalization efforts and creating a knowledge platform will affect the innovation performance of the economy. Transforming South African policies require a comprehensive educational strategy on justice, equity, diversity, and inclusion (JEDI).

Keywords: equity, diversity, inclusion, internationalization, justice, higher education

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Authors: Anuj Kumar Vaksha

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In the post cold war era the foreign direct investments have come to be considered as one of the most critical factors for economic development of a country particularly for the capital scarce countries like the developing and the under developed countries. The rush for foreign direct investments have led to intense competition between the countries treaties to attract foreign investments by entering into alluring Bilateral Investment Treaties (BITs). The Bilateral Investment Treaties are the intergovernmental legal framework for the promotion of private investments from one country to other. With more than 3000 BITs, the web of such BITs are the most dominant development of International Law in the post cold war era. The essence of all these BITs are bilateral cooperation for economic development and thus it is actually the theme of economic development around which the International Law had developed most dominantly in the post cold war era. Within the framework of two generally accepted premises that foreign direct investments are critical for economic development and the bilateral investment treaties are critical for promotion of foreign direct investments, the research paper seeks to explore the perspectives and paradigms on economic development as embodied in various Bilateral Investment Treaties. It seeks to address how and in what manners the perspectives on economic development as embodied in bilateral investment varies between the developed, developing and underdeveloped countries. It goes without saying that economic development is a very broad, complex and operationally intricate concept. In the paradigm of International Law it becomes much more complex and intricate. Understanding the concept of economic development from the perspectives of Bilateral Investment Treaties is a novel idea with far reaching significance. Such a perspective on economic development would help in enriching the contemporary International Law perspectives and paradigms on economic development.

Keywords: bilateral investment treaties, economic development, international Law, perspectives

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Authors: Naveed Ul Hassan, Bilal Aziz, Maryam Mushtaq, Imran Ameen Khan

Abstract:

Equity risk premium (ERP) is the stock return in excess of risk free return. Even though it is an essential topic of finance but still there is no common consensus upon its forecasting. For forecasting ERP, apart from the macroeconomic variables attention is devoted to technical indicators as well. For this purpose, set of 14 technical and 14 macro-economic variables is selected and all forecasts are generated based on a standard predictive regression framework, where ERP is regressed on a constant and a lag of a macroeconomic variable or technical indicator. The comparative results showed that technical indicators provide better indications about ERP estimates as compared to macro-economic variables. The relative strength of ERP predictability is also investigated by using National Bureau of Economic Research (NBER) data of business cycle expansion and recessions and found that ERP predictability is more than twice for recessions as compared to expansions.

Keywords: equity risk premium, forecasting, macroeconomic indicators, technical indicators

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Authors: Ivan Poza Martínez

Abstract:

The international energy landscape has been significantly affected by the Covid-19 pandemic and te conflict in Ukraine. The Vaca Muerta sedimentary formation in Argentina´s Neuquén province has become a crucial area for energy production, specifically in the shale gas ad shale oil sectors. The massive investment required for theexploitation of this reserve make it essential to understand te determinants of the investment in the upstream sector at both local ad international levels. The aim of this study is to identify the qualitative and quantitative determinants of investment in Vaca Muerta. The research methodolody employs both quantiative ( econometrics ) and qualitative approaches. A linear regression model is used to analyze the impact in non-conventional hydrocarbons. The study highlights that, in addition to quantitative factors, qualitative variables, particularly the design of a regulatory framework, significantly influence the level of the investment in Vaca Muerta. The analysis reveals the importance of attracting both domestic and foreign capital investment. This research contributes to understanding the factors influencing investment inthe Vaca Muerta regioncomapred to other published studies. It emphasizes to role of qualitative varibles, such as regulatory frameworks, in the development of the shale gas and oil sectors. The study uses a combination ofquantitative data , such a investment figures, and qualitative data, such a regulatory frameworks. The data is collected from various rpeorts and industry publications. The linear regression model is used to analyze the relationship between the variables and the investment in Vaca Muerta. The research addresses the question of what factors drive investment in the Vaca Muerta region, both from a quantitative and qualitative perspective. The study concludes that a combination of quantitative and qualitative factors, including the design of a regulatory framework, plays a significant role in attracting investment in Vaca Muerta. It highlights the importance of these determinants in the developmentof the local energy sector and the potential economic benefits for Argentina and the Southern Cone region.

Keywords: vaca muerta, FDI, shale gas, shale oil, YPF

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